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93.6% of financial services organizations’ cloud services are not enterprise-ready

Netskope has just released the latest in our series of cloud security reports focused on specific industry segments.

Like our general version of the quarterly Netskope Cloud Report, the new Cloud Report for Financial Services is created by compiling the most interesting trends on cloud service adoption and usage, based on aggregated, anonymized data from the Netskope Active Platform™ seen across millions of users in hundreds of accounts globally.

The new research indicates that companies in banking, securities, insurance and other financial services now use an average of 1,039 cloud services, just slightly less than the overall average of 1,053. What’s more concerning, 93.6% of the cloud services that financial companies use are not considered “enterprise-ready” due to inadequate data center or compliance certifications, DLP policy controls, or other criteria tracked in Netskope’s Cloud Confidence Index.

In addition to common cloud services like Office 365, financial organizations included in the report are much more likely to use Salesforce and ServiceNow than other companies. This underlines their need for a cloud access security broker (CASB) to secure sensitive customer data stored in those services, as well as en route to or from the cloud, and to find and remediate cloud malware, such as ransomware, that bring normal operations to a halt.

We also found that new hybrid threats are on the rise across all industry sectors, including financial services. These hybrid threats, which use both cloud and web services to deliver malware or perform an attack, can be delivered via phishing emails, compromised websites or other vectors, with command and control servers in IaaS, cloud storage services and websites.

Also published recently, the Netskope Cloud Report for Healthcare revealed cloud data security trends that are unique to the healthcare industry, including most popular cloud services and top causes of DLP policy violations and most common sources for cloud malware in that sector.